Intuit has reorganized its business units with ProConnect, the professional tax software business, renamed as the Strategic Partner segment. The change was discussion during the webcast this week which announced earnings for the year ended July 30.
CFO Neil Williams said the group includes the professional tax business and will "focus on partners instrumental to the eco system". The definition of partners was not spelled out. Relatively new, ProConnect was applied to the tax group in April 2016. The company also renamed Intuit Tax Online as ProConnect Tax Online in June last year.
The company has been organized in two major groups. Those are TurboTax, now to be known as the Consumer group, which will include the widely used tax software and Mint. The Small Business Group becomes the Small Business and Self-employed unit, reflecting the success of QuickBooks Self-employed.
Professional tax has long been a low-growth, but highly profitable operation. Revenue from this source was $437 million for the most recently ended year, compared to $428 million for fiscal 2016.
Intuit described the changes as involving its reporting segments and there was no indication of any change in organization or leadership of these groups.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind